The latest market figures indicate a giant increase in India’s imports of crude oil from Iran throughout October in yet another sign of success for the Iranian oil industry after the removal of sanctions that had decimated its exports for several years.
Figures released by Reuters show India imported 183,000 barrels per day (bpd) of crude oil and condensate – an ultra-light type of oil – from Iran. The figure showed an increase of 88 percent compared to September, the news agency added quoting tanker data.
India’s imports of Iran’s oil over the same period were nonetheless lower than last year by 27 percent. The country’s imports of Iranian crude at the time stood at 250,000 bpd.
Last month, figures showed that Iran’s oil exports to its Asian buyers – China, India, Japan and South Korea – had increased in September to the highest levels in the preceding six months.
Iran’s oil exports to those countries over the period, as reported by Reuters, stood at above 1.9 million barrels per day (mb/d). The figure indicated an increase of around 20 percent compared to August and marked a third straight monthly surge.
For several years before 2012 when Iran faced a series of draconian US-led sanctions, the country exported around 2.5 mb/d, with more than half going to Asia, mainly China, South Korea, India and Japan. The sanctions decreased exports to below 1 mb/d. After they were lifted in early 2016, Iran’s oil exports increased gradually and today stand at around pre-sanctions levels.
Iran’s biggest oil importer in Asia is China which is followed by India and South Korea and eventually Japan.